Bitcoin, Ethereum Technical Analysis: Bitcoin Retreats From 14-Month High, as Profit Takers Swoop In
Bitcoin plunged from a recent fourteen-month high to start the weekend, as traders appeared to have begun securing yesterday’s gains. The decline saw the price fall below $30,000, days after almost moving above $32,000. Ethereum also slipped, however remained above $1,900.
Bitcoin
Bitcoin (BTC) fell below $30,000 to start the weekend, as traders began to take profits, following recent highs.
After peaking at $31,354.48 on Saturday, BTC/USD plunged to an intraday low of $29,966.39 earlier today.
This sees bitcoin retreat from a high of $31,862, which was the strongest level for the cryptocurrency since last May.
Looking at the chart, the decline was somewhat inevitable, due to the relative strength (RSI) moving into overbought territory.
The index rose to a peak of 65.55 on Thursday, before falling to a current reading of 54.17 earlier today.
Since this drop, price strength has since stabilized, with BTC now trading at $30,347.59.
Ethereum
Ethereum (ETH) also moved lower on Saturday, however traders were able to reject a drop below the $1,900 level.
ETH/USD slipped to a bottom of $1,901.36 earlier in the day, less than 24-hours after trading at a top of $2,005.96.
Since hitting Friday’s three-month high, bulls have opted to abandon previous positions heading into the weekend.
The world’s second largest cryptocurrency has since rebounded, bouncing away from a floor at $1,900, and now trades at $1,943.27.
This comes as the RSI held firm at a support point around the 55.00 zone, going on to climb to a current reading of 56.79.
Overall, the next target could be around the 61.00 mark, and if successfully hit, ETH will likely be back over $2,000.
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Will markets consolidate during this weekend? Leave your thoughts in the comments below.
